NU Online News Service, Dec. 15, 3:37 p.m. EST
Pembroke, Bermuda-based reinsurer PartnerRe Ltd. said it has upped its loss estimate for the Sept. 3 New Zealand earthquake.
The carrier said it now expects its losses for the earthquake to be in the range of $140-$160 million, up from the company's initial estimate of $64 million included in its third-quarter 2010 financial results.
The revision is based on a review of recent information received from several cedants and reflects the higher than expected number of new claims filed in November and December, the company said. It also reflects engineering reports regarding the extent of land damage.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
